Good afternoon. Global inequality has seen a dramatic increase since the Covid pandemic, with the world’s billionaires almost A$5tn richer than in 2020, according to a new Oxfam report.
The world’s five richest men have doubled their wealth since 2020, while the world’s poorest 60% – almost 5 billion people – have lost money.
The wealth of the world’s billionaires had grown three times faster than the rate of inflation.
Top news
Woolies store in Brisbane vandalised | The store in the inner-city suburb of Teneriffe was hit with pro-Australia Day graffiti and a flare was set off at about 5.10am this morning. Several local residents have blamed opposition leader Peter Dutton, after his calls for a boycott of the company. “I think Peter Dutton should personally apologise for dog whistling and causing this sort of drama,” a resident told the Guardian.
Oxfam Australia calls for stage-three tax cuts to be scrapped | The not-for-profit called for an end to – or a scaling back of – the controversial tax cuts, which will overwhelmingly benefit high-income earners. Oxfam Australia’s chief executive, Lyn Morgain, described the tax cuts as a “travesty”.
Ex-Shin Bet head says Israel should release Palestinian leader | Ami Ayalon says Israel will not have security until Palestinians have their own state, and should release and negotiate with jailed Palestinian leader, Marwan Barghouti (pictured centre), to create one. Speaking to the Guardian, Ayalon said “you cannot deter anyone, a person or a group, if he believes he has nothing to lose”, adding that “hatred is not a plan, it is not a policy”.
Houthi missile fired at American destroyer shot down | The US says it shot down an anti-ship cruise missile fired from Houthi areas of Yemen toward a US destroyer. Red Sea tensions are simmering as western leaders, the Houthis and their allies warn of possible attacks. British and US warships and jets have so far fired 150 missiles at what the Pentagon described as military targets in 28 locations in Yemen, killing five people and injuring six.
Victorian government defends $100m Tennis Australia bailout | Tennis Australia financial accounts, lodged with the corporate regulator in December, revealed the state Labor government forgave a $43m loan to the organisation that was accrued during the pandemic. It was also revealed on Monday that the government provided up to $63m of taxpayer money to Tennis Australia on the eve of the 2022 election.
Federal court dismisses challenge to Santos gas pipeline | Santos’s Barossa offshore gas project has taken another step forward after the federal court dismissed a legal challenge by three Tiwi Islanders to the construction of a pipeline they said could threaten burial grounds and cultural heritage. The project’s export pipeline is to run within 7km off Cape Fourcroy on Bathurst Island – one of the Tiwi Islands in northern Australia.
Republican Iowa primary | The first Republican primary is being held Monday night US time, with a final poll showing Donald Trump with the support of 48% of likely caucus-goers, followed by Nikki Haley at 20% and Ron DeSantis at 16%.
Succession’s ‘ludicrously capacious’ bag sells for A$28,000 | The Burberry bag famously mocked by Tom Wambsgans in an episode of Succession’s final season has fetched a price worthy of the Roy family, selling for US$18,750 at auction.
In pictures
Ali, Brando … and baguettes: the atlas of great photography
A new exhibition in London celebrates the Atlas collection – and some of the 20th century’s most groundbreaking photographers. Click here to see the gallery.
What they said …
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“At a time when members of the Australian community are unhoused as a result of fire, as a result of flood, it seems unacceptable … that we could be giving large benefits to those who already have a great deal. To us, this is simply a very poor policy choice.” – Lyn Morgain, Oxfam Australia’s chief executive
Responding to her comments, the prime minister, Anthony Albanese, said the government’s position on the stage-three tax cuts hasn’t changed.
In numbers
Their combined wealth has more than doubled since 2020, according to Oxfam.
Before bed read
More than 400 million people around the world have diabetes, and many control the condition using insulin. But science writer Gary Taubes believes it’s this very treatment that is behind the current epidemic. Does his controversial case for a diet-based alternative to medicine have any bite?
“Ultimately, people living with type 2 diabetes may need insulin and other diabetes medications, too, but for a lot of people, diet and lifestyle modifications can defer that need.”
Daily word game
Today’s starter word is: SCUL. You have five goes to get the longest word including the starter word. Play Wordiply.
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